Protecting your credit card from being abused

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Credit Card Applications » Research » Guides » Cardholder Benefits » Protecting your credit card from being abused

Protecting your credit card from being abused


Updated: December 25, 2012

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Credit card theft is a big issue all over the planet these days. Thieves are devising new means of robbing a person`s identity everyday. And with the advent of technology, no security measure seems to be enough to stop them anymore. Today`s security devices are going to be obsolete tomorrow and the only way to stay ahead of the thieves is to stay one step ahead all the time.

There are a number of things that you can do to keep your credit card safe. The first thing and most obvious thing to do are to keep it within sight at all times. Always keep it on your person or at home in a safe place that you remember. It would be a shame to misplace it within the house and then block it only to find it after a day.

Do not ever lend your card to anyone no matter how close the person is. This is because, although the person may have all the right intentions, he or she may not be reliable in terms of their responsibility. They might lose the card or allow it to be used for an illegal transaction without their knowledge.

There are a few devices these days which allow thieves to copy the magnetic strip on your card. These devices are magnetic card readers which have a swipe slot just like an ATM machine. The only thing is that they record the data from the card. This allows the thief to make a copy of the card or just use that data electronically for another transaction. Such devices are expensive, but they are small and extremely reliable. Hence, always keep your card within sight. And also ensure that the slot that you are swiping into is a genuine slot. Look for any additions or contraptions on the swipe machine or ATM whenever you are about to swipe. If you see something fishy, just don`t take any chances. Also do not hand over your card to all and sundry while making a purchase, as far as possible try to go up to the counter in order to settle your dues.

Another issue is theft through telephone or internet. All that a thief needs is your credit card number and the security code. If you have written it down somewhere, you are always at risk. You may never know when that little scrap of paper ends up in the hands of a tramp at the trash can. Also, do not spell out your card number to anyone on the phone without verifying their details.

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